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For Sale: $499,900

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Portland Real Estate Update By Rob Levy

Portland Real Estate Update July'16

Real estate activity in the Portland metro area cooled slightly in July. New listings (4,372) rose 2.3% from July 2015 (4,273), but cooled 2.9% from new listings offered last month in June 2016 (4,501). Even so, this was the strongest July for new listings in Portland since 2008, when 5,237 new listings were offered for the month.

Pending sales, at 3,302 for July, came up 5.5% cooler than in July 2015 (3,494) and 2.6% cooler than last month in June 2016 (3,390). Closed sales (2,776) fell 19.6% short of July 2015 (3,452) and were 12.1% cooler than the 3,158 closings recorded last month in June 2016.

Inventory in the Portland metro area increased again in July, crawling to 1.9 months. Total market time fell by one day, landing at 32 days. The Portland metro area recorded 5,360 active residential listings in July. Year to Date Summary Activity has been mixed in 2016 compared to 2015. New listings (26,358) are up 0.1%. Closed sales (18,406) are down 1.9% and pending sales (20,974) are down 2.8% for the year thus far.

Average and Median Sale Prices Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through July, the average sale price rose 11.4% from $351,600 to $391,600. In the same comparison, the median sale price rose 11.5% from $304,900 to $340,000.

This months home of the month is lovely home close to Westlake Park area of Lake Oswego.  Its 2,412 square feet, 4 bedrooms and 2.5 baths for only $499,900 - a super buy in this area.  You can check it out here

FHA Condo Relief Coming: President Signs Bill

There has been a long standing problem in selling condos, particuarly those where the condos are priced under the FHA loan cap ($368,000 in the Portland metro area).  The issue is if there are too many rentals in a building then the condo complex falls off the approved list, and then it becomes tougher to sell the homes as a huge source of minimum down financing disappears.

The new bill will change the rental cap from 35% to 50% per building (complex), and this is great news not only for first time home buyers or others using the FHA program, but for sellers who now will have a much wider appeal when selling their homes in the affected building. 

This article has explains seven crucial facts about using FHA loans.  http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx

2 Myths About Mortgages That May Be Holding Back Buyers

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%.  You can view the full article here